Prime Minister Narendra Modi on Tuesday addressed leaders of Indian industry at a post-budget conference organized by the Confederation of Indian Industry (CII) in New Delhi. In his speech, PM Modi highlighted the economic achievements of his government over the past decade and urged the private sector to step up its efforts in job creation and investment.
PM Modi said, “When in 2013-14 the last budget of Dr Manmohan Singh’s government was presented, it was Rs 16 lakh crore. Today, in our government, it has increased by three times and reached Rs 48 lakh crore.”
PM Modi said that in 2004 when the UPA government assumed power, their first budget’s capital expenditure was Rs 90,000 crore. In their 10-year rule, the UPA government was able to increase capital expenditure to Rs 2 lakh crore. Now, in 2024, it is more than Rs 11 lakh crore.
He contrasted this growth with the previous government’s performance, particularly in capital expenditure, which has increased more than fivefold during his tenure.
The Prime Minister detailed significant increases in budgetary allocations across key sectors, including an eightfold increase in both railway and highway budgets, a fourfold increase in agriculture spending, and a doubling of the defense budget compared to the previous administration.
PM Modi also highlighted policy changes benefiting the MSME sector and corporate tax reforms. PM said that in 2014, MSMEs those who were earning Rs 1 crore, had to pay presumptive tax. Now, MSMEs earning up to Rs 3 crore can avail this benefit. In 2014, MSMEs earning up to Rs 50 crore had to pay 30 per cent tax. Now, it is 22 percent.
On corporate taxes, he said that in 2014, companies used to pay 30 per cent corporate tax. Now, companies with income up to Rs 400 crore are paying 25 per cent corporate tax.
He said that India is uniquely positioned with high growth and low inflation, with its share in global growth rising to 16% despite various challenges including the pandemic and geopolitical tensions.
Emphasizing his government’s focus on skill development and employment creation, PM Modi encouraged youth entrepreneurship. He reiterated the government’s commitment to initiatives such as “Nation First,” achieving a $5 trillion economy, “Zero Effect Zero Defect” manufacturing, “Atma Nirbhar Bharat, and the goal of becoming a developed nation by 2047.
In a direct challenge to the private sector, PM called on industry leaders to compete with the government in job creation and investment, urging them to adopt “Viksit Bharat” as their motto.
The conference, which discussed the recent Union Budget and its implications for India’s development, was attended by over 1,000 participants from various sectors, including industry, government, the diplomatic community, and think tanks.
(Inputs from ANI)